At its October 12 meeting, the board of governors of Citizens Property Insurance Corp. ratified rate increases recently approved by the Florida Office of Insurance Regulation. The rates will increase a statewide average of 6.2 percent and have a sinkhole cap of 32.8 percent. The new rates on homeowners’ and dwelling fire policies take effect on Jan. 1, 2012, for new and renewal multi-peril business, and Feb. 1, 2012, for new and renewal wind-only business.

In addition to ratifying the rates, the board also voted unanimously not to pursue a phase-in schedule for sinkhole rates that it approved at a September 12 meeting. The board reversed its position on the phase-in because the rates ultimately approved by the OIR were substantially lower than what the board sought.

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